Resolution 68: A boost for private sector growth | VTVIndex

Goals for Private Economic Development (Resolution 68)
📌 The goal set by Resolution 68 is for the private economy to become the most important driver of the national economy by 2030.
🏢 By 2030, the country aims to have 2 million operating enterprises, including at least 20 large enterprises participating in global value chains.
💰 The private sector is targeted to contribute approximately 55% to 58% of GDP and 35% to 40% of total state budget revenue.
🧑‍💼 This sector is expected to create jobs for about 84% to 85% of the total labor force.

Government Action and Policy Implementation
📜 The Government issued Resolution 139 outlining an action plan to decisively and synchronously implement the tasks and solutions from Resolution 68.
✅ The National Assembly approved Resolution 198 concerning special mechanisms and policies for private economic development, encompassing credit support, land access, taxation, and de-criminalization of economic relations.
⏱️ The process of institutionalizing the major policies from Resolution 68 was exceptionally urgent, with the National Assembly passing the resolution less than half a month after the Politburo’s Resolution 68 was issued on June 4th.

Specific Regulatory Relief and Support Measures
🚫 Ministries and localities must urgently review and eliminate conditions hindering private enterprise development, with a deadline of December 31st of this year.
⚖️ Strict handling of abuse of inspection powers for harassment is mandated; enterprises cannot undergo both an inspection and an audit/check for the same state management content within the same year, unless clear violations are evident.
💻 Authorities are pushing for increased online and remote inspection activities to minimize on-site burdens.
🌱 Key ministries (Agriculture, Finance, Industry & Trade, State Bank) are tasked with revising detailed decrees to improve private sector access to land, production premises, credit capital, and implementing fee/tax reduction and exemption policies.

Business Reaction and Expansion Outlook
📈 Businesses are enthusiastic about Resolution 68, seeing it as a launchpad for bold investment and expansion of technological content in production lines, especially concerning R&D support.
📉 A major benefit highlighted by manufacturers is the 30% reduction in land rent fees for enterprises.
✂️ The plan to cut at least 3% of administrative procedures is welcomed, as it reduces time, cost, and avoids overlapping management from multi-level government administrations.
🤝 Private enterprises hope the government will establish an independent body to evaluate competitiveness indices (compliance, execution effectiveness) of ministries and localities to ensure fair and timely support.

Key Points & Insights
➡️ The private sector is expected to become the most important national economic driver by 2030, aiming for 2 million operating enterprises.
➡️ A key actionable insight is the immediate review and elimination of cumbersome regulations by authorities before the end of the year to support business growth.
➡️ Businesses anticipate significant operational benefits from tax/fee reductions (like 30% land rent cut) and streamlining of administrative processes, accelerating investment decisions.
➡️ The rapid institutionalization of policies signals a strong commitment to making the private sector a major turning point for the entire Vietnamese economy in the integration era.

📸 Video summarized with SummaryTube.com on Mar 11, 2026, 06:45 UTC